Dov Hertz has bought a large industrial out of doors storage website on Staten Island for $167 million.
The investor’s Kadima Industrial Companions bought the roughly 53-acre parcel at 1900 and 1800 South Avenue on Staten Island to actual property funding agency Jadian Capital, an individual acquainted with the deal informed The Actual Deal. The transaction is the biggest IOS sale in New York Metropolis historical past, based on industrial brokerage Cushman and Wakefield, which represented the vendor.
Hertz’s DH Property Holdings purchased the websites individually in 2020 and 2021 for a mixed $79 million. The developer has since spent round $10 million in capital tasks on the property within the Bloomfield part of the borough’s western coast, the individual mentioned. An individual acquainted with the deal informed TRD in 2021 the agency deliberate to develop a warehouse as massive as 400,000 sq. toes on the positioning, however that construction doesn’t seem to have materialized.
Kyle Schmidt of Cushman and Wakefield first announced the transaction in a LinkedIn submit on Tuesday, noting that the property is absolutely leased to Metropolis Asphalt, an asphalt producer, and IAA, a junk automobile public sale web site.
The sprawling website has a waterfront dock, a railroad yard and entry to regional highways, placing it inside putting distance of close by delivery terminals and customers in each New York and New Jersey. It was beforehand owned by Robert and Neil Vanderbilt, descendants of the rich railroad household that owned many items of property on Staten Island.
The client, Jadian Capital, plans to make use of the property as an industrial out of doors storage website, an open-air plot of land sometimes used to retailer delivery containers, uncooked supplies and automobiles, the individual informed TRD.
The New York and Stamford, Connecticut-based funding agency, led by former Fir Tree Partners govt Jarret Cohen, picked up a $231 million mortgage from non-public fairness large Blackstone final 12 months for its portfolio of 43 industrial out of doors storage properties.
Jadian’s portfolio spans 13 states, together with Colorado, Florida, Georgia, New Jersey and Texas. Most of their current acreage is within the Solar Belt states, however the agency has not too long ago made a push into the Northeast.
Cohen informed TRD after closing a $650 million fund in 2020 that the agency focuses on “much less aggressive sectors.”
This isn’t Hertz’s first time promoting a property earlier than finishing an bold warehouse improvement plan. He unloaded a part of a Sundown Park industrial website to FedEx in 2024 for $248 million after scoring $442 million in financing from JPMorgan to construct a 1.3 million-square-foot distribution hub two years prior. However Hertz continues to be no stranger to massive industrial offers. The developer, who left Gary Barnett’s Extell Improvement in 2016 to begin his personal agency, leased a warehouse in Purple Hook to Amazon for $330 million in 2022.
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